Hasbro is laying off 15% of its workforce to cut costs
Hasbro plans to lay off about 1,000 employees from its global workforce this year to cut costs, about 15 percent of the world’s full-time workforce.
This is to meet the goal of achieving $250-$300 million in annual cost savings by the end of 2025.
“The elimination of these positions will impact many loyal Hasbro employees and we do not take this process lightly. However, the changes are necessary to return our company to a competitive, industry-leading position and lay the foundation for future success,” said CEO Chris Cocks.
“Despite strong growth at Wizards of the Coast and Digital Gaming, Hasbro Pulse and our licensing business, our consumer products business underperformed in the fourth quarter amid a challenging consumer environment during the holiday season.
“We are focused on implementing transformative change aimed at significantly reducing costs and increasing our growth rates and profitability. While full-year 2022, and the fourth quarter in particular, has presented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, larger brands, gaming, digital and our fast-growing direct-to- Includes consumer and license business.”
Among other organizational changes, President and Chief Operating Officer Eric Nyman is leaving Hasbro.
It’s unclear how these layoffs will affect either Hasbro’s or Wizards of the Coast’s gaming divisions.
As the owner of Dungeons & Dragons, Wizards of the Coast (and by extension Hasbro) was in the news recently for reportedly canceling at least five unannounced video games.
It’s also facing backlash from fans after making planned changes to how its Open Gaming License monetizes third-party content. He has since apologized for the fiasco.
Hasbro is not alone in laying off staff. Microsoft, Unity, Google, and Riot Games have all had a number of job cuts recently.
Xbox boss Phil Spencer admitted Xbox layoffs were “painful decisions”.
https://www.eurogamer.net/hasbro-lays-off-15-of-staff-to-cut-costs Hasbro is laying off 15% of its workforce to cut costs